{"id":82530,"date":"2023-08-30T16:50:59","date_gmt":"2023-08-30T16:50:59","guid":{"rendered":"https:\/\/happylifestyleinc.com\/?p=82530"},"modified":"2023-08-30T16:50:59","modified_gmt":"2023-08-30T16:50:59","slug":"new-motoring-law-coming-this-week-could-see-drivers-lose-thousands-of-pounds","status":"publish","type":"post","link":"https:\/\/happylifestyleinc.com\/lifestyle\/new-motoring-law-coming-this-week-could-see-drivers-lose-thousands-of-pounds\/","title":{"rendered":"New motoring law coming this week could see drivers lose thousands of pounds"},"content":{"rendered":"
Motorists could lose thousands of pounds as new number plate laws come into power on Friday.<\/p>\n
Car owners might see the value of their car drop when the DVLA launches the fresh designs on September 1.<\/p>\n
The experts at Motorpoint warned it could be down to the introduction of new number plates alone. <\/p>\n
READ MORE: New motoring law could change rules on motorcycles in bus lanes <\/b><\/p>\n
Specialists also claimed it might be due to the influx of new stock entering the market.<\/p>\n
This is likely to bring down the value of existing "new" cars built and registered since March 2023.<\/p>\n
Tim Rodie said drivers should consider selling their existing models as soon as possible to get the highest value.<\/p>\n
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He added: "It's well documented new car prices are heavily impacted by the plate change, but motorists may not be aware that the price of their current vehicle can also be affected.<\/p>\n
"Interestingly, it isn't the new plates themselves that impact the value of your car but rather the influx of brand-new vehicles on the road.<\/p>\n
"With newer models entering the used car market and lots of drivers looking to sell, you could see the value of your car decline quite considerably.<\/p>\n
"If anyone is looking to sell their car, I would strongly recommend that they do so ahead of September 1."<\/p>\n
Meanwhile webuyanycar specialists also highlighted the risks associated with the new number plate launch. <\/p>\n
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They warn "the newer a car, the higher value it initially has" meaning '23' plate cars will see the most dramatic drops in price.<\/p>\n
Analysis shows that on average in 2023, cars will only retain 70% of their value in their first year.<\/p>\n
Richard Evans, head of technical service at webuyanycar, said: "Demand, availability, and the release of new number plates can all cause a car's value to fluctuate in the market."<\/p>\n
The launch of the new '73' designs will be the second number plate change of 2023.<\/p>\n
Tim concluded: "Age is one of the most important factors to impact the value of your vehicle and each time a new registration plate is introduced your car will be considered older and therefore lose some of its value.<\/p>\n
"Keeping tabs on the age of your vehicle and selling your car ahead of the plate change is one of the easiest ways to ensure you are getting the best price possible."<\/p>\n
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